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Al-Jasser: Saudi Arabia has Significantly Enhanced its Logistical Capabilities

The Supply Chain and Logistics Conference 2024 was held at the Hilton Granada Hotel in Riyadh. SPA
The Supply Chain and Logistics Conference 2024 was held at the Hilton Granada Hotel in Riyadh. SPA
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Al-Jasser: Saudi Arabia has Significantly Enhanced its Logistical Capabilities

The Supply Chain and Logistics Conference 2024 was held at the Hilton Granada Hotel in Riyadh. SPA
The Supply Chain and Logistics Conference 2024 was held at the Hilton Granada Hotel in Riyadh. SPA

Saudi Minister of Transport and Logistic Services Eng. Saleh Al-Jasser said on Sunday that the Kingdom has significantly enhanced its logistical capabilities, bolstering the national economy.

Al-Jasser spoke at the Supply Chain and Logistics Conference 2024, which he inaugurated at the Hilton Granada Hotel in Riyadh. The event was attended by ministers, senior officials, executives from supply chain and logistics companies, and representatives from global and local organizations, alongside leaders of prominent public and private sector entities.

In his opening remarks, he said: “The sixth edition of the conference comes amidst the remarkable growth and prosperity witnessed by the Kingdom’s logistics and supply chain sectors.”

He said the progress is a direct result of the unwavering support provided by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Prince Mohammed bin Salman, Crown Prince and Prime Minister.

The minister highlighted the Kingdom's continued advancements in international rankings for container handling in 2024. He noted that Saudi ports gained 231.7 additional points in the maritime network connectivity index published by UNCTAD and added 30 new shipping lines since the start of 2024, underscoring Saudi Arabia’s vital role in facilitating global trade and boosting the logistics sector.

He also emphasized the significance of the Crown Prince’s launch of the Master Plan for Logistics Centers and the Global Supply Chain Resilience Initiative, reflecting the leadership’s strategic focus on this sector.

Al-Jasser pointed out that, thanks to this support, Saudi Arabia has significantly enhanced its logistical capabilities, which has bolstered the national economy. Global companies have shown increased interest in the Kingdom’s logistics sector, leading to the establishment of 18 logistics zones in ports with investments exceeding SAR 10 billion.

He reiterated the Kingdom's commitment to further enhancing its logistical capabilities, facilitating exports, supporting supply chains, and advancing its performance in global logistics indices.

He outlined efforts to enhance maritime routes, expand air freight, increase rail freight, and activate logistics centers to support sustainable development, solidifying Saudi Arabia's position as a global logistics hub and a critical link in international supply chains.

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US Tariffs Could Slow China's Growth to 4.5% in 2025

People walk past a billboard which reads I love Beijing, Happy New Year at 798 art district, ahead of the upcoming Lunar New Year, marking the Year of the Snake, in Beijing on January 14, 2025. (Photo by JADE GAO / AFP)
People walk past a billboard which reads I love Beijing, Happy New Year at 798 art district, ahead of the upcoming Lunar New Year, marking the Year of the Snake, in Beijing on January 14, 2025. (Photo by JADE GAO / AFP)
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US Tariffs Could Slow China's Growth to 4.5% in 2025

People walk past a billboard which reads I love Beijing, Happy New Year at 798 art district, ahead of the upcoming Lunar New Year, marking the Year of the Snake, in Beijing on January 14, 2025. (Photo by JADE GAO / AFP)
People walk past a billboard which reads I love Beijing, Happy New Year at 798 art district, ahead of the upcoming Lunar New Year, marking the Year of the Snake, in Beijing on January 14, 2025. (Photo by JADE GAO / AFP)

China's economic growth is likely to slow to 4.5% in 2025 and cool further to 4.2% in 2026, a Reuters poll showed, with policymakers poised to roll out fresh stimulus measures to soften the blow from impending US tariff hikes.

Gross domestic product (GDP) likely grew 4.9% in 2024 - largely meeting the government's annual growth target of around 5%, helped by stimulus measures and strong exports, according to the median forecasts of 64 economists polled by Reuters.

But the world's second-largest economy faces heightened trade tensions with the United States as President-elect Donald Trump, who has proposed hefty tariffs on Chinese goods, is set to return to the White House next week.

“Potential US tariff hikes are the biggest headwind for China's growth this year, and could affect exports, corporate capex and household consumption,” analysts at UBS said in a note.

“We (also) foresee property activity continuing to fall in 2025, though with a smaller drag on growth.”

Growth likely improved to 5.0% in the fourth quarter from a year earlier, quickening from the third-quarter's 4.6% pace as a flurry of support measures began to kick in, the poll showed.

On a quarterly basis, the economy is forecast to grow 1.6% in the fourth quarter, compared with 0.9% in July-September, the poll showed.

The government is due to release fourth-quarter and full-year GDP data, along with December activity data, on Friday.

China's economy has struggled for traction since a post-pandemic rebound quickly fizzled out, with a protracted property crisis, weak demand and high local government debt levels weighing heavily on activity, souring both business and consumer confidence.

Policymakers have unveiled a blitz of stimulus measures since September, including cuts in interest rates and banks' reserve requirements ratios (RRR) and a 10 trillion yuan ($1.36 trillion) municipal debt package.

They have also expanded a trade-in scheme for consumer goods such as appliances and autos, helping to revive retail sales.

Analysts expect more stimulus to be rolled out this year, but say the scope and size of China's moves may depend on how quickly and aggressively Trump implements tariffs or other punitive measures.

More stimulus on the cards

At an agenda-setting meeting in December, Chinese leaders pledged to increase the budget deficit, issue more debt and loosen monetary policy to support economic growth in 2025.

Leaders have agreed to maintain an annual growth target of around 5% for this year, backed by a record high budget deficit ratio of 4% and 3 trillion yuan in special treasury bonds, Reuters has reported, citing sources.

The government is expected to unveil growth targets and stimulus plans during the annual parliament meeting in March.

Faced with mounting economic risks and deflationary pressures, top leaders in December ditched their 14-year-old “prudent” monetary policy stance for a “moderately loose” posture.

China's central bank is expected to deploy its most aggressive monetary tactics in a decade this year as it tries to revive the economy, but in doing so it risks quickly exhausting its firepower. It has already had to repeatedly shore up its defense of the yuan currency as downward pressure pushes it to 16-month lows.

Analysts polled by Reuters expected the central bank to cut the seven-day reverse repo rate, its key policy rate, by 10 basis points in the first quarter, leading to a same cut in the one-year loan prime rate (LPR) - the benchmark lending rate.

The PBOC may also cut the weighted average reserve requirement ratio (RRR) for banks by at least 25 basis points in the first quarter, the poll showed, after two cuts in 2024.

Consumer inflation will likely pick up to 0.8% in 2025 from 0.2% in 2024, and rise further to 1.4% in 2026, the poll showed.